By now almost everyone has heard of Snapchat. You may not personally have the app but your friends have it and are trying to get you to try it. The company’s consumer base continues to grow everyday, it’s already very popular with the young adults, but older customers are also trying out this new app. However Snapchat has no reported revenues to date but it has received about 94 million dollars in funding already. And about 350 million snaps are being shared per day and that number continues to increase. Facebook who is losing it’s teenager consumer base has offered to buy out or get rid of this upcoming company. They’ve tried to imitate the app by making something similar called the Facebook Poke but that was ridiculed for copying Snapchat and ultimately not successful, since Snapchat was first in the market for providing this service. Then Facebook tried to buy the company for more than 1 billion dollars but it was quickly turned down by Spiegel the CEO of Snapchat. And now recently it has offered to buy the company, that produces no revenue, for 3 billion dollars! Again the proposal was rejected. Snapchat is not interested in being bought out just yet, the founders are waiting till next year since they believe that their company will grow and therefore be more valuable later on.
Check out Avani’s (a fellow Sauderite) perspective on Snapchat here
Get more info about snapchat here
Read more about the Facebook offer here